US-China Trade Dispute Hits Oil, Copper

China accounts for nearly half of global copper consumption

Oil and copper prices edged lower on Thursday as the U.S.-China trade dispute escalated while global equity markets fell as gains in U.S. technology shares failed to offset declines in commodity-related and trade-sensitive stocks.

The United States and China implemented punitive 25 percent tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.

The dollar rose after minutes released on Wednesday from the Federal Reserve’s most recent meeting suggested the U.S. central bank is on course for further interest rate hikes.